As a result, White believes Apple is one of the best positioned companies to benefit from the growth opportunities in China. Even with last year's blistering pace, there's still plenty of room to grow in China: Total mobile subscribers grew to 1.23 billion in the country last year.

That means high-speed data subscribers, who use smartphones like Apple's iPhone, represent just over a third of all wireless customers in China. In contrast, America's largest provider Verizon announced earlier Tuesday that 70 percent of its subscribers now have smartphones.

White said that market watchers will likely scrutinize Apple's performance in China in the near-term, but he's more interested in the long-term growth the company could see from the booming Chinese market. He sees Apple's recently solidified partnership with China Mobile providing benefits for the iPhone maker over the next decade.

He's particularly bullish on the prospect of additional iPhone sales through China Mobile, reaching as many as 24 million total units this calendar year. In White's estimates, that would add about $4.00 to Apple's earnings per share for calendar 2014.